Generally, a competency is an underlying characteristic of a person which leads to his/her superior performance in a job. Thus, entrepreneurial competencies are the underlying characteristics of an entrepreneur which result in superior entrepreneurial performance. It includes key characteristics that should be possessed by an individual in order to effectively run a new business enterprise. They are seen as important to business growth and success
Entrepreneurial competencies are defined as underlying characteristics possessed by a person, which result in new venture formation. “Total ability the entrepreneur to perform this role successfully. Several studies have found a positive relationship between the existences of competencies and venture performance”. – Man, Lau& Chan.
An entrepreneur is expected to cooperate with these environmental forces which necessitate him to be greatly competent in diverse dimensions like intellectual, attitudinal, behavioral, technological, and administrative aspects.
The following are the various behavioral competencies required by an entrepreneur.
- Systematic planning
- Creativity and innovation
- Risk taking and Management
- Quality performance
- Persuasion and influencing abilities etc.